All the interesting stuff coming out of Sega at the moment is subcontracted. It's not like just Shenmue got the shaft from them, so did pretty much everything else.
My Dreamcast collection is like 80% first party titles.
Chu Chu Rocket
Crazy Taxi
Daytona USA 2001
Dynamite Cop
Headhunter
House of the Dead
Jet Set Radio
NHL 2K
Samba Di Amigo
Sega Rally 2
Shenmue
Shenmue 2
Sonic Adventure
Sonic Adventure 2
Virtua Fighter 3
Virtua Tennis
Zombie Revenge
All those franchises bar Sonic are dead
Then you have stuff like
Fighters Megamix
Golden Axe
Shinobi
Virtua Cop
Outrun
Nights
Alex Kidd
Altered Beast
Comix Zone
I could go on
All dead
My PS4 has Alien Isolation, Sonic Mania, Yakuza Zero and Kiwami 1 & 2 and I didn't rate the last two either. So a movie licensed game, a Sonic game, and 3 games from the same series, of which one was outstanding and the other two were alright in 7 years
We're lucky that they have finally seen the value in old IPs so we're actually getting new stuff like Panzer, HOTD, and SoR4.
The risk taking Sega we loved from 1985 - 2000 is long gone and will never return
We were lucky to get Shenmue 3 at all and I love it dearly despite its problems